IRB Infrastructure Approves ₹351 Crore InvIT Investment, To Acquire 5.40 Crore Units At ₹65 Each
Mumbai: IRB Infrastructure Developers board has approved an investment of up to Rs 351 crore in IRB InvIT Fund through a proposed preferential issue, strengthening the sponsor’s exposure to its listed infrastructure trust. Preferential issue approved The company plans to subscribe to as many as 5.40 crore additional units at Rs 65 apiece, according to an exchange filing. The transaction will be…
On Wednesday, the board of IRB Infrastructure Developers approved an investment of up to Rs 351 crore in the IRB InvIT Fund, through a preferential issue. The company plans to subscribe to 5.40 crore additional units at Rs 65 each. The transaction will be completed through cash consideration within the timeline specified for preferential allotments under relevant laws.
The approval will strengthen the sponsor's exposure to the listed infrastructure trust. The acquisition of two project special purpose vehicles from IRB Infrastructure Trust is not considered a related-party transaction under the Companies Act 2013 or SEBI's listing regulations. IRB InvIT Fund, established by IRB Infrastructure in October 2015, owns, operates, and maintains 10 revenue-generating highway assets across several Indian states.
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